The Azora Group (through Azora Capital, S.L.) is currently advising and/or managing two companies which have been established in order to acquire last-mile logistics assets located in close proximity to the main Spanish cities. Between them, these companies expect to invest over €250 million in acquiring last-mile logistics assets, with the aim of building a sizeable portfolio of assets which are fit for purpose in a changing logistics landscape

The increasing e-commerce penetration rate in Spain (which has accelerated due to the COVID pandemic), coupled with continued urbanization trends and scarcity of land in close proximity to these main cities is expected to lead to an imbalance between supply and demand in last-mile logistics stock in the coming years. Furthermore, despite development in the big box space over the past years, the existing stock of last-mile logistics assets in Spain is, in many cases, outdated and, in some cases, unfit for purposes. In this context, carrying out targeted repositioning capex and selective development of new product will allow these companies to consolidate a sizeable and high quality portfolio of assets.”